Friday, May 3, 2013

How to Close Accounting Periods (Fiscal Year) In NAV 2013?

Closing Accounting Period in NAV 2013

Follow the Steps below to close a Fiscal Year/Accounting Period in NAV
  • Open the Accounting Periods window (Financial Management --> Setup--> Accounting Periods).

Click Close Year. If more than one fiscal year is open, the program assumes that the earliest one should be closed. It displays a message identifying the year it will close and explains the consequences of closing it.
  • To close the year, click Yes.
Now the fiscal year is closed, and the program places a check mark in the Closed and Date Locked fields for all the periods in the year. Now the fiscal year cannot be opened again and you cannot remove the check mark from the Closed or Date Locked fields.

The following are the most important points we need to follow on closing a Fiscal Year in NAV
  • You cannot close a fiscal year before you create a new fiscal period.
  • When a fiscal year is closed, you cannot change the starting date of the following fiscal year.
  • Even when a fiscal year has been closed, you are allowed to post G/L entries to it. When you do this, the entries will be marked as posted to a closed fiscal year - the Prior-Year Entry field will contain a check mark.
  • Once a fiscal year is closed, make sure you close the income statement accounts and transfer the year's results to an account in the balance sheet. You must repeat the process every time you post to the closed fiscal year.

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